Bank Nifty weekly tips 12 to 16 May 2014

Bank Nifty weekly tips 12 to 16 May 2014

Bank Nifty daily chart technical analysis

Bank nifty spot on last trading session closed at 13,750 with huge gains. On daily chart, banknifty price trend and momentum both are strong bullish and last session on was strong reversal on strong buying as well as short covering. From short-term view, banknifty above 11,900 will remain bullish and for now on upside resistances are at 14,280 and then 14,900 while on downside support zones are 13,700 and then 13,100. Daily chart indicators patterns are bullish but overbought.

Traders above 13,700 keep long view for bank nifty and expect targets of 14,280 and above in next week. If sustain below 13,700 then we may see deep correction of 500-700 points. To minimize risk one can play along with banknifty next months 14k and 14,500 call options with strict stop loss in place. Expect increase in premium on trapped trader’s exits.

Bank Nifty weekly chart technical analysis

Bank nifty spot this week closed with huge gains. This week banknifty spot hit high at 13,814 while low was at 12,773. Total 1100 points or 8% weekly swing and closed with strong reversal signal on weekly chart. From medium to long-term view, banknifty will remain buy on decline above 11,200 levels. On upside 15,600 and then 17,900 are strong resistances as well as targets for next 6 to 12 months while on downside 13,500 and 11,200 are strong support zones.

For investors 13,500 is trailing stop loss and expect target of 15,600 plus if strong government comes in power. Weekly chart indicators patterns are bullish but overbought so keep strict stop losses in place and stay cautious.

The Author

Pramod Baviskar

Professional Market Trader And Owner Of Dalal Street Winners Advisory And Coaching Services. Working Since 2007 And Online Presence Since 2010. We Provide Highly Accurate And Professional 1 Entry And 1 Exit Future, Option, Commodity, Currency And Intraday Stock Tips On Whatsapp With Live Support And Follow Up.
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